Shandong province will launch supportive measures to foster a new array of "little giants", or leading small- and medium-sized enterprises that specialize in niche sectors, according to local officials.

This year, Shandong will continue to promote entrepreneurship and craftsmanship and cultivate 400 provincial-level outstanding small- and medium-sized enterprises and more than 150 champions in their respective industries.

Efforts to support hard-hit small enterprises will be highlighted, with tax and fee reductions to be implemented with increased intensity to revitalize market players.

Shandong will increase government support for industry collaboration and technological cooperation between upstream and downstream enterprises in order to build strategic industrial chains with greater resilience, innovation, and added value, as well as upgrade and modernize the local industrial base.